How to File for Chapter 13 Bankruptcy in St. Charles, MO

The Chapter 13 bankruptcy is widely known to most people as the wage earner’s plan. Unlike the Chapter 7 form of bankruptcy, which declares you legally bankrupt, wipes out all your debt, and gives the State the power to determine how much money you use each month, Chapter 13 gives you the option of coming up with a personalized plan to facilitate your repayments. It allows individuals to come up with a detailed plan so that they can repay their debts in full, or even just a fraction of the arrears over time. The debtors will have the option of proposing a plan for repayment that suits their needs, maintains a sense of normalcy, and is easy to manage. The creditors’ money can be returned over the next three to five years. It is widely used by individuals who are unable to clear their debts. People tend to file for bankruptcy when they find themselves in need of respite from financial suffering. However, there’s a proper legal process that needs to be followed if you want to file for bankruptcy.

Contact a Bankruptcy Lawyer

If you want to file for Chapter 13 bankruptcy in St. Charles, MO, you will need to get in touch with a bankruptcy lawyer. Van Dillen & Flood, P.C is a reputable law firm that specializes in handling bankruptcies. They will first take down all of the important financial information pertaining to your case and then they’ll guide you on how to actually file for bankruptcy.

Why Hire a Lawyer?

Declaring bankruptcy is not as easy as it might sound, as you can’t just tell the courts that you have no money left in your pocket. The courts require proper documentation and proof before you can file for Chapter 13 bankruptcy. Also, you will need to show a repayment plan that has been approved by the creditors before the bankruptcy can be confirmed.